Published Date: 26-May-2023
Industry Insights | Market Trends | Highest number of Tables | 24/7 Analyst Support
According to a new report, published by KBV research, The Global Veterinary Pharmacovigilance Market size is expected to reach $1.6 billion by 2029, rising at a market growth of 13.1% CAGR during the forecast period.
The Biologics segment is showcasing a CAGR of 13.3% during (2023 - 2029). Increasing R&D efforts and the introduction of veterinary vaccines are expected to cause the biologics category to expand. As a result, a growing number of solutions from various industry participants are anticipated to fuel the demand for biologics. For clients in the animal health industry, Azierta Contract Science Support Consulting offers a variety of solutions, such as Vigialzierta-VET pharmacovigilance software, pharmacovigilance system support, veterinary QPPV support, management, signal detection and maintenance, and other services.
The Dogs segment acquired maximum revenue share in the Global Veterinary Pharmacovigilance Market by Animal Type 2022 thereby, achieving a market value of $802.6 million by 2029. The health of the owners can be considerably improved by dogs. Children's emotional, social, and cognitive development are all impacted. Also, dogs provide company and promote an active lifestyle. Dogs are additionally used to detect cancer and imminent epileptic episodes. Furthermore, it has been demonstrated that dogs can lessen people's anxiety and stress. The expansion of this market has been fueled by the growing adoption of dogs.
The Services segment has shown the growth rate of 15.5% during (2023 - 2029). Increasing electronic reporting systems and pharmacovigilance services to ease regulatory compliance procedures are two major factors contributing to market shares. In order to access patient data and manage workflows, they also work in conjunction with veterinary pharmacovigilance service providers. Pharmaceutical businesses now have a greater interest in investing in R&D projects. In order to promote a new drug and reduce the impact of adverse drug responses, these companies demand pharmacovigilance services.
The In-house segment is leading the Global Veterinary Pharmacovigilance Market by Type 2022 thereby, achieving a market value of $979.5 million by 2029. Pharma companies are spending more on implementing these solutions in-house to reduce costs by preventing the impacts of medications on animals. Pharma companies in wealthy nations use these products more frequently. Also, the market revenue is rising as the utilization of these solutions gains traction. The demand for veterinary pharmacovigilance products to prevent adverse animal medication responses will rise over time. Big pharma companies' adoption of these products will raise market revenue throughout the forecast period.
The North America market dominated the Global Veterinary Pharmacovigilance Market by Region 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $612.1 million by 2029. The Europe market is exhibiting a CAGR of 12.7% during (2023 - 2029). Additionally, The Asia Pacific market would showcase a CAGR of 14% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/veterinary-pharmacovigilance-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Accenture PLC, ArisGlobal LLC, Ennov SAS, Sarjen Systems Pvt. Ltd., PharSafer Associates Ltd., Knoell Germany GmbH, biologit, Indivirtus Group (Indivirtus Healthcare Services), Oy Medfiles Ltd., and Azierta Life Sciences & Health Consulting Firm S.L.
By Animal Type
Unique Offerings from KBV Research
North America Veterinary Pharmacovigilance Market size & Opportunities 2023-2029
Europe Veterinary Pharmacovigilance Market & Growth Forecast 2023-2029
Asia Pacific Veterinary Pharmacovigilance Market Share & Industry Outlook to 2029
LAMEA Veterinary Pharmacovigilance Market Growth, Trends & Forecasts 2023-2029